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PVM Midday Report 01 September 2015

Published Tuesday, September 1st, 2015

Headlines

  1. Russia signals readiness to discuss oil price stabilisation measures with OPEC
  2. Iraqi southern oil exports dip to 3.021 mbpd in August from 3.064 mbpd in July
  3. Reuters oil price poll sees Brent and WTI averaging $62.30 & $57 bbl next year
  4. North Sea Brent loadings for Oct set at 116,000 bpd, up from 100,000 bpd planned in Sep
  5. Eurozone manufacturing activity eases in August; jobless rate dips to 10.9% in July

Oil                                                                                              

Fundamentals: Oil exports from Iraq’s southern region have come in at 3.021 mbpd in August which is slightly down from 3.064 mbpd in July. Loadings of the North Sea Brent crude grade have been set at 116,000 bpd in October, a modest increase from the 100,000 bpd planned for this month. Russia’s Deputy PM has hinted that it was prepared to discuss with OPEC ways in which to promote oil price stabilisation and acknowledged that a prolonged period of low prices could lead to a fall in Russia crude output. Meanwhile, the latest crude oil price poll by Reuters has pointed to a 2016-rebound from current levels with Brent and WTI seen averaging $62.30/bbl and $57/bbl respectively next year.

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Posted by Stephen Brennock

Stephen Brennock joined PVM in 2013 after having worked as a project manager for a business development firm. He graduated with a degree in Business Management in 2007.